HaiKhuu Daily Report - 09/27/2024
Good morning, and happy Friday! Man, this week has FLOWN by, and I hope you traders are ready for what should be another fun day for the overall markets. $SPY made an all-time high trading yesterday and rejected that level rather quickly. It would be interesting to see as $SPY has the potential to move up from here, but it is a matter of if that happens. I believe that today is going to be a more difficult day to trade as a result of the bearish momentum that was provided yesterday. Traders are going to be less optimistic, and as a result of that, we are going to see more inconsistencies and emotion-based trading in the markets today. Please tread lightly and make smart decisions while attempting to trade today because I think, as a result of these choppy market conditions, many traders are about to get wiped.
So please practice safe risk management and do what you can to maximize your profit potential. This will be a fun week, so let’s end it strong and have an amazing time!
Just as a heads up, I also will be speaking at the University of Missouri here on the 2nd/3rd, so please expect that I will have some downtime away from HaiKhuu during that time. I will try my best to remain around, but conditionally, things can and will change extremely quickly!
Good luck trading today, and let’s end this week STRONG!
The updated $SPY daily levels are as follows:
Conversion Line Support: $567.31
Baseline Support: $557.08
Psychological Support: $570
Daily Cloud Support: $539.53
Thoughts & Comments from Yesterday - 09/26/2024
Yesterday was kind of like a beautiful and disturbing scary movie. Think about Midsummer. It was a beautiful time; $ SPY was making new all-time highs, and conditions looked amazing… until certain death arose. Many traders realized a significant amount of gains. Many traders realized a significant amount of losses, but it depends on what positions you were attempting to capitalize on and realize gains with.
We started the day with $SPY opening at $574.49. Conditions were looking extremely strong as $SPY opened above the previous all-time high and watched as that strength was extremely short-lived, watching as $SPY made the official high of the day and an all-time high at open trading at $574.71 before ultimately selling off for the large majority of the rest of the day.
$SPY sold off slowly throughout the morning, but the craziness started when news of the Department of Justice probed into Super Micro. This caused them to drop approximately 20%, impacting the performance of other major organizations like $NVDA and ultimately impacting the overall markets. Selling across the board got stronger due to this, and we watched as $SPY tested $570 briefly before bouncing back up.
The back half of the afternoon was honestly disgusting. We thankfully were able to bounce off of the low of the day at $569.92 and watched as $SPY went green again for the day, but essentially just chopped around throughout the entirety of power hour. We ended the day with $SPY trading at $572.30, up $2.26 for the day, or up 0.4%, but the disgusting part of the entire trading day was that we watched as $SPY made a NEW all-time high, only to sell off afterward. Anyone holding positions was disappointed seeing a portion of the gains lost, and anyone who purchased at the top got severely burnt. I hope you all heard my warning yesterday and are ready for today's market conditions!
S&P 500 Heat Map - 09/26/2024
Thoughts & Comments for Today - 09/27/2024
Today is setting up to be another extremely interesting and volatile day for the overall markets. With the conditions presented during the pre-market session at the time of writing this report, markets are slightly red but relatively black, telling me that market conditions continue to remain in a state of confusion despite us making a new all-time high just yesterday. This confusion will make it difficult for some traders to attempt to trade with confidence, but at the same time, it will provide opportunities to those individuals who are confident in their ability and can capitalize on the momentum in the markets. If you are attempting to trade today, please, as always, consider practicing safe risk management and limiting risk, but look to take on some extra exposure today, as it is a Friday, and as a result of that, I am expecting to see a significant amount of volatility throughout the day.
For those attempting to either scalp or day trade, please continue to stick with equities. The downside risk involved with attempting to trade equities at this level is minimal, and I believe that conditions are going to be choppy and difficult to navigate with confidence, mostly if you are attempting to get into some 0-dte calls during this time.
I feel that the one organization we should all keep our eyes out for today is SMCI. As an organization, they have had some crazy movements over the previous couple of months, but as of yesterday, they are getting probed by the DOJ, and as a result of that, the markets dove. In the case that SMCI can recover even a portion of the losses that were incurred, it will be the catalyst, in my opinion, to get the markets to rally with confidence. Once $SMCI moves up, it will positively benefit $NVDA, and then the self-fulfilling prophecy happens. But, just be extremely cautious, too, because at the same time, if $SMCI comes down, the same effect is in play, but it is just a matter of which direction general market momentum takes us and what we can do to maximize our profit potential here in the short term!
For my allocations today, I will say that I do not have any intentions of actively trading. Market conditions have been favorable for my long positions over the previous couple of days, so I will attempt to scalp if I have the confidence to do so, but at the same time, I will do what I can to catch the general market momentum. I did gamble on some $SMCI calls, and at the time of writing this report, those are unfortunately down and most likely going to expire worthless, but here’s to that gamble in the markets and praying that $SMCI can recover and positively benefit me in the process!
If I see any opportunities, or if I decide to get into any other plays, I’ll announce what I see in the HaiKhuu Discord.
My Personal Watchlist:
Note, just because something is on my watchlist does not mean it is a signal to buy or sell any equities
Watchlist:
$SPY, $SMCI, $INTC, $RIVN, $BA, $AIFF, $NVDA, $TSLA
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC / $BA / $RIVN
Economic News for 09/27/2024 (ET):
Personal Income - 8:30 AM
Personal Spending - 8:30 AM
Core PCE Index - 8:30 AM
Consumer Sentiment (Final) - 10:00 AM
Notable Earnings for 09/27/2024
Pre-Market Earnings:
None Scheduled
Wrap up
Hopefully, we watch as the markets go in an absolute tear from here and go on to make a NEW all-time high, but at the same time, it is one of those days where treading lightly and practicing safe risk management is a good idea, as anything can genuinely happen. We may make a new all-time high, snap back below $570, and sell off quickly. Anything can happen, so tread lightly and prepare accordingly. This will be an interesting time, so please protect yourself but make the most out of these conditions. I am excited to see where the markets take us, so let’s realize some gains!
Good luck trading, and let’s end this week on a high note!!!